LONDON--(BUSINESS WIRE)--Technological advancements in the field of personalized medicine have resulted in the growth of the Global Biobanking Market, which is expected to post a CAGR of 7.07 percent from 2015-2019, says research firm Technavio.
A biobank is a repository for the preservation and collection of biological materials used for diagnosis, biodiversity studies and research. Depending on the aims of the research, biobanks store different kinds of samples such as tissue, blood, serum, DNA and RNA.
They work by collecting biological samples from patients and other members of the public, and are commonly used to support research into genetic disorders, for developing personalized medicine, and for maintaining and updating age demographic databases.
“Researchers have gained new knowledge about pharmacogenomic biomarkers and are now putting this into clinical practice, thanks to the genetic information contained in biobanks,” says Faisal Ghaus, Vice President of Technavio.
The new Technavio report also emphasizes strategic alliances between manufacturers, key members of the scientific community and policy makers, which will enhance the development of best practice procedures for biobanks. This will lead to the sharing of non-sensitive data and samples, and contribute to better public health policies.
“BioCision and Brooks Automation have formed a strategic alliance to develop an automated temperature-controlled technology for biobanking and sample handling,” says Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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